Troubled Bank of Jinzhou to receive 12 billion yuan funding from state investors
STOCKS
Troubled Bank of Jinzhou to receive 12 billion yuan funding from state investors
STOCKS

Troubled Bank of Jinzhou to receive 12 billion yuan funding from state investors

 

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China's troubled Bank of Jinzhou Co. will receive an injection of roughly 12 billion yuan in fresh funds from two state-backed investors.

Chengfang Huida, a subsidiary of the state-owned China Cinda Asset Management, will take 5.27 billion shares, making it the bank's largest shareholder, with a 37.7 per cent stake, according to the bank's filing to the Hong Kong Stock Exchange.

Liaoning Financial Holding, a state-owned vehicle from Liaoning province, will take 930 million shares, a 6.65 per cent stake of the bank.

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